The price of Solana’s native SOL coin rose on October 25 in a market-wide rally led by Bitcoin (BTC), with the Total Value (TVL) of Solana reaching record highs and the SOL price seeing a promising technical setup.
Bitcoin triggers market-wide rally
SOL rose more than 6% to hit an intraday high of around $ 214. The price of SOL is up just over 35% in the past week, nearing its record high of about $ 222 in early September.
Bitcoin’s surge to its new record high of $ 67,000 last week caused its total crypto market cap to surpass the $ 2.5 trillion mark, a new milestone for the cryptocurrency.
This helped propel SOL higher, with competing cryptocurrencies Ether (ETH) and Cardanos ADA also rising over 10% and 1%, respectively, over the past week.
Solana TVL hits record high
The SOL price rally also appeared as the TVL of all decentralized finance (DeFi) projects built on top of the Solana blockchain and hit a new record high of $ 13.53 billion, according to data aggregator service DeFi Llama.
The dominant DeFi project on the Solana blockchain is Saber, an automated market maker (AMM) protocol that enables Solana users and applications to efficiently trade between stable pairs of assets and generate income by adding liquidity to the platform Provides.
Its contribution to the Solana liquidity pool at press time was $ 2.05 billion.
There are now four other DeFi projects with a TVL of more than $ 1 billion. These include Raydium ($ 1.91 billion), Sunny ($ 1.73 billion), Serum ($ 1.69 billion), and Marinade Finance ($ 1.63 billion).
Solana also stated that after completing its “Ignition” hackathon on October 18, it will add more DeFi projects to its list as the token’s higher demand in the future.
SOL price technology
SOL’s recent price rally was part of a breakout move out of a seemingly bullish pennant. As Cointelegraph previously reported, the technical outlook aims to bring SOL to a level equal to the maximum distance between the pennant’s top and bottom trendlines around $ 85.
As a result, if the breakout level is increased by $ 85 by $ 158, the Pennant target for the SOL price is $ 243, i.e. $ 243. H. almost $ 250. Meanwhile, retesting the pennant’s upper trendline in support could invalidate the bullish setup.
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